§ 14-361-114 - Issuance of bonds. - Arkansas Statutes

14-361-114. Issuance of bonds.

(a) (1) The cost of planning, acquiring, establishing, developing, constructing, enlarging, improving, or equipping an airport or air navigation facility, or the site therefor, including buildings and other facilities incidental to the operation thereof, and the acquisition or elimination of airport hazards may be paid for, wholly or partly, from the proceeds of the sale of bonds of the municipality, as the governing body of the municipality shall determine.

(2) (A) For these purposes, a municipality may issue general or special obligation bonds, revenue bonds, or other forms of bonds, secured or unsecured, including refunding bonds.

(B) (i) All bonds issued by a municipality pursuant to this chapter which are payable, as to principal and interest, solely from the revenues of an airport or air navigation facility shall so state on their face.

(ii) In any suit, action, or proceeding involving the security, or the validity or enforceability, of any bonds issued by a municipality, which bonds state on their face that they were issued pursuant to the provisions of this chapter and for a purpose or purposes authorized to be accomplished by this chapter, the bonds shall be conclusively deemed to have been issued pursuant to this chapter for such purposes.

(b) Bonds issued under the authority of this chapter shall bear interest at a rate or rates as the ordinances authorizing their issuance may provide.